July 28, 2026

Mixed movements in US stock indices and marked declines in oil prices

International

The main US stock indexes closed yesterday with mixed results. The Dow Jones led the gains with a 0.5% increase, while the S&P 500 remained virtually unchanged and the Nasdaq fell 0.2%. Year-to-date, the indexes have accumulated gains of 8.6%, 8.3%, and 7.3%, respectively.

Regarding US Treasury yields, the curve compressed slightly yesterday. The 1-year Treasury yield remained unchanged at 4.11%, while the 3-year yield moved from 4.36% to 4.35%. At the longer end of the spectrum, the 10-year Treasury yield compressed from 4.68% to 4.65%.

As for commodities, movements were mostly negative. Gold rose 0.6% to close at $4,076.3 per ounce, while soybeans fell 3.3% to $443.2 per ton. In the crude oil market, prices declined sharply following the ceasefire between the United States and Iran, which reduced risk premiums on global supply: WTI fell 8.5% and Brent 9.6%, to $81.7 and $87.5 per barrel, respectively.

Regarding the second quarter 2026 corporate earnings season, Coca-Cola and Corning released their results this morning, both exceeding analysts' consensus estimates for revenue and earnings per share (EPS). In contrast, Boeing reported a loss of $0.76 per share, greater than the projected $0.29 loss, and S&P Global reported EPS of $4.08 compared to the estimated $4.75, although in both cases revenues came in above expectations. Visa, KLA Corp, and Seagate will report their results after the market closes.

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